• When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.

Fenntucky Mike

Member: Seasoned Veteran
 View Profile  See their activity

  • Posts

    1,520

  • Joined

  • Last visited

  • Days Won

    130

 Content Type 

Journal Entries posted by Fenntucky Mike

  1. Fenntucky Mike

    Hey, Now It's 'Bout Time To Set Things Straight

    By Fenntucky Mike,


    1992, First Series Hryvnia
    I have never seen a set of notes and Pick #'s be so mismanaged in all my years as the 100 & 50 Hryven notes of 1992. I recently viewed a 1992, 100 Hryven note up for auction and I was surprised to see the labeling on the note. It was a cancelled note with perforation and listed as Pick # 107B on the label which I agree with for the most part. The reason the labeling was a surprise to me is that TPG's have been calling perforated notes specimens for years now and this was the first time I had viewed a perforated note having not been labeled as a specimen. 'Bout time!

    I have tracked at a minimum five notes of both denominations having been incorrectly labeled IMO, either as a specimen or specimen with the notation "unissued".


    These are the facts as I see them.
    The last edition of the SCWPM only lists Pick #'s 107A & B for these denominations in this series, no specimen P#'s are listed. The SCWPM uses images of specimen notes with red overprint for P#'s 107A & B, this may or may not have lead to some confusion. Especially when showing an image of a specimen but not listing a P# for one. Notes with ЗРАЗОК (SPECIMEN) in red overprint on both sides of the note are specimens and should be labeled as Pick #'s 107As & 107Bs respectively, which they typically are. Notes perforated with "НЕПЛАТІЖНА" (NOT PAYABLE/NON-PAYMENT) are unissued notes that were canceled and sold in commemorative sets. These should be labeled Pick #'s 107A & 107B respectively and should be noted as being "CANCELLED" on the label.  Notes that are not perforated and not a specimen are unissued notes that were not cancelled and somehow made it out of the NBU's vaults. These also should be labeled as Pick #'s 107A & 107B respectively.  The TPG's are so close to getting the labeling correct, the last piece of the puzzle is for them to label the perforated notes as being Unissued - Canceled or Unissued - Perforated - Canceled, something along those lines, and the labeling would finally be correct IMO. Not much can be done about the notes currently out in the world with bad labels but I have probably one or two of each denomination and I think I'll see if PMG will agree to changing the labels due to a "Mechanical Error", if not I may just cut them out and resubmit. 
    I've previously written about the 50 & 100 Hryven notes of 1992 here:
     
  2. Fenntucky Mike
    During the final years of World War I and spanning the timeline of the Russian Revolution, 1917 – ’23, the region of Ukraine enjoyed a brief moment of autonomy. A time when governments were formed, felled, and reformed. A time of art on currency and the creation of a 100 Hryven banknote for the people.
    Shortly after the February Revolution in Petrograd (now Saint Petersburg) on February 23, 1917 [O.S.], the territory of Ukraine formed the Central Rada (Council) as the representative governing body. After the abdication of Nicholas II, the Russian Provisional Government came into power and recognized Ukraine’s right to autonomy and the Central Rada as a legitimate representative body. After the Bolshevik coup in Petrograd, The October Revolution, relations between Ukraine and Russia deteriorated rapidly and on November 20, 1917 the Ukrainian People’s Republic (UPR) was established.
    Soon after the UPR was formed the Central Rada adopted a law to take over control of the Kyiv office of the State Bank of Russia and transform it into the Ukrainian State Bank.  With a Central Bank and newly appointed government it was time to create a National Currency, Karbovanets, which were equal to one Russian Ruble. Soon after its establishment, on January 5, 1918, banknotes with a face value of 100 Karbovanets were put into circulation. Despite the fact that the Government had no gold standard, one Karbovanets was declared equal to 17.424 Dolya or parts of fine gold, which is equal to .766656 grams (1 Dolya = .044 grams). Soon after the first banknote’s release the Ukrainian State Bank was commissioned to generate a new currency without gold backing.

    The establishment of the Karbovanets as the national monetary unit was short lived as on March 1, 1918 a new law was adopted making the Hryvnia the new national currency. Two Hryvnia was equal to one Karbovanets and the 1/100 was called a Shah or Shahiv. The new currency law provided for the issuance of 2, 5, 10, 20, 50, 100, 500 & 1,000 Hryvnia notes, however no 5, 20 or 50 Hryvnia notes were ever printed and only six denominations went into actual circulation. A 5 Hryven note was issued later in 1919/20, but is not part of the first issue Hryvnia notes. While new Hryvnia banknotes were being designed and printed, provisional banknotes denominated in Karbovanets were still being produced to bridge the gap and to keep commerce flowing.

    The Ukrainian Government called upon prominent Ukrainian artists to design new banknotes, artists such as Vasyl Krychevsky, Anthon Sereda, I. Mozolevsky and Georgy Narbut. Narbut designed 13 of the 24 banknotes issued between 1917 and ’20, including the initial 100 Karbovanets note, many stamps, the National Coat of Arms, seals, letterhead, etc., but the 100 Hryvnia banknote of 1918 is considered by many to be his greatest contribution to the new State.
         
                                                                                                                                                    
    The 100 Hryvnia banknote of 1918 (Pick #22) was part of the inaugural issue of Hryvnia banknotes, the notes were printed in Berlin at the Reichsdruckerei on white paper with Kreuzringelmuster (Cross & Ringlet) watermark. Presumably, the job of printing the new Hryvnia notes was outsourced to Berlin due to printing houses in Ukraine being utilized for the printing of Karbovanets while the Hryvnia notes were being produced, or fear of capture while war was raging, or perhaps as a political gesture to Germany who had backed the fledgling State and in late February of 1918 forced the Bolsheviks out of Ukraine after they had seized the city of Kyiv earlier in the month. Whatever the reasoning may have been, in the end, the Reichsdruckerei did not disappoint and notes were quickly printed, shipped to Ukraine, and put into circulation by no later than October 17, 1918. Which by that time the governing body of Ukraine had been displaced and a new regime installed.



    By April of 1918 the German forces had successfully aided the Ukrainian Army in removing the Bolsheviks and, under orders from the German government, promptly staged a coup, after which the Central Rada was removed and Gen. Pavlo Skoropadsky installed as Hetman of Ukraine. On May 9th the Hetman ordered that the official National monetary unit be converted back to Karbovanets. The exchange rate remained the same as when Karbovanets were removed in favor of the Hryvnia, 2:1 Hryvnia to Karbovanets. Denominations of both monetary unites remained in circulation and were accepted through the remainder of an Independent Ukraine’s existence. The 100 Hryven banknote of 1918 would have been one of the workhorses of the economy, being one of the higher denominated notes and large quantities having been printed, some estimates put the total number printed/authorized at 350,000 or more, it would have been one of the most used and available notes in Ukraine at the time. The large quantity printed would also account for the great number of surviving notes and many in uncirculated condition. Three varieties were printed at the time, Pick #22a (as viewed in image 2) has the same design as the other varieties but with the prefix (A) and serial number oriented vertically on the back of the note, this is the most common variety and easily obtained. Pick #22b is slightly larger in size than #22a and the prefix (Б) and serial number on this variety are oriented horizontally on the back of the note, this variety is extremely rare. The final variety, Pick #22?, (Pick does not list this variety) has the same dimension as #22a (180 x 118 mm) but has the prefix (A) and serial number oriented horizontally on the back of the note, this note is rare.

    Once it was clear that the Central Powers, Skoropadsky’s sponsors, were going to lose WWI the Hetman formed a new cabinet of Russian Monarchists. In response, on November 14, 1918, the Ukrainian socialists formed a new revolutionary government, the Directorate of the Ukrainian People’s Republic, which ousted the Hetman and took back control of the government of Ukraine. On January 4, 1919 the Directorate proclaimed the Hryvnia the sole legal currency (along with Karbovanets) throughout Ukraine, and all other currencies (Russian, German, Austro-Hungarian or Romanian) forfeit. The Directorate did manage to issue five notes before its dissolution in November of 1920 but none were as elaborate or rich in national symbolism as Nabut’s design for the 100 Hryven note of 1918.
    The designs of Narbut, particularly that of the 100 Hryven banknote of 1918, have endured long after his death in 1920 at the age of 34. The 100 Hryven note’s design is a lasting symbol, representing the working class and the best of Ukrainian heritage which can still be seen today on Modern Ukraine’s currency. On the face of the note Narbut has placed a female figure in traditional dress holding a sheaf of wheat and clasping a scythe to the left an elaborately wrought central wreath, to the right of the wreath is a male figure with a wide-blade plow or hammer dressed in clothing representative of the proletariat. Both figures stand casually on a low mound of soil, with movement expressed in the folds of their garments. The design on the back of the note is devoid of figures, showcasing a cornucopia of Ukraine’s bounty capped by Narbut’s tryzub. Two Ionic-styled columns positioned against a mesh background create a stark impression softened by the interplay of two tones of blue.

    Narbut utilized the bust of the female figure used on the 100 Hryven note in other note designs such as the 30 Shahiv postage stamp currency (P8) and the 500 Hryven (P9) note in the same series. Narbut’s design was also used to fund the Government in exile by being reimagined by other artists and sold as limited-edition prints, such as the drawing done by Pyotr Kholodny (P10) and issued by the Government of Lviv in 1923. In 2018, to mark the centenary of the Ukrainian Revolution of 1917-’21 and the first Ukrainian paper money, the National Bank of Ukraine issued a commemorative banknote (P11) featuring the design used on the first 100 Hryven banknote of 1918. However, perhaps the biggest testament to the enduring legacy of the design of the first 100 Hryven banknote is that elements of it are still used today on Ukraine’s circulating 50 Hryven banknotes (P12). There is little doubt that Narbut’s design used on the 100 Hryven note is one of the most iconic in Ukraine’s history. 
    (SEE THE FIRST REPLY TO THIS JOURNAL ENTRY TO VIEW IMAGES OF THE NOTES REFERENCED IN THE LAST PARAGRAPH)
  3. Fenntucky Mike

    I Wanna Tell Ya, Hey, I Think You Oughta Know

    By Fenntucky Mike,


    1992, First Series Hryvnia
    The 50 & 100 Hryven banknotes of 1992 (1996) were intended to be part of the first series of Hryvnia banknotes issued by the NBU but neither was released into circulation leaving most collectors with only "specimens" to fight over. Printed by the Canadian Bank Note Company (CBNC), located in Ottawa, Canada, the designs were first drafted by Vasily Lopata and Boris Maksimov in 1991, after which they were altered to make them more "practical" for production by Canadian engraver Yves Baril. Below are images of the original sketches for the 50 & 100 Hryven banknotes of '92, as drawn by the original artists. From Lopata's book "Hope and Disappointment, or the Metamorphosis of the Hryvnia"

    The National Bank of Ukraine (NBU) was dissatisfied with the print quality of the first series notes, printed by dry-offset, as well as production delays, and contracted Thomas de la Rue (TDLR) to produce additional 50, 100 & 200 Hryven banknotes of a completely different design to combat these issues. Unfortunately, due to hyperinflation in Ukraine it was decided to let the, at the time, circulating Coupons take the brunt of the crisis as any new currency introduced under such conditions would be doomed. Notes printed by CBNC were loaded into containers and transported by ship from the port of Montreal to Malta where the additional notes printed by TDLR were loaded onto the same vessel and both were transported to Ukraine and held in the underground vaults of the NBU. See Journal Entry "Where did you come from?" for more information.
    There were at least three printings for some of the first series Hryvnia notes. Two and five Hryven notes were printed with the signature of the first Governor of the NBU, Vladimir Matvlenko (1991-92), next, notes bearing the signature of the second Governor, Vadim Hetman (1992-93) were produced for all denominations (1,2,5,10,20,50 & 100 Hryven), and finally notes of the 1,2, 5, 10 & 20 denominations were produced with the signature of the third Governor, Viktor Yushchenko. There are five signature varieties for Yushchenko alone, he was Governor for 7 years, but only one is known on the first series notes. The 50, 100 & 200 Hryven notes printed in parallel by TDLR bore no signatures, similar to the Coupons, some of which were also printed by TDLR. I have only ever seen 50 & 100 Hryven notes with Vadim Hetman's signature, there are no other signature varieties known for these. That there is only one signature variety, the second, out of what could have been a potential three, falls in line with the narrative of production delays, no first signature, and the subsequent ordering of 50, 100 & 200 Hryven notes from TDLR, no third signature.
    First series Hryvnia signatures.

    50 & 100 Hryven notes printed by TDLR.

    Eventually, after nearly six years of planning, producing, and storing the new National currency conditions were right to launch the Hryvnia and release banknotes into circulation. On August 25, 1996 the resolution "The Monetary Reform in Ukraine" was signed into law paving the way for the release of Hryvnia notes by pegging the exchange rate of Karbovanets to Hryvnia at 100,000:1 and establishing a timeline for the new currency to be released, exchanges of Karbovanets for Hryvnia to take place (2 weeks) and the old Coupons to be demonetized. On September 2, 1996 notes in denominations of 1, 2, 5, 10 & 20 of the first series were released into circulation. Unfortunately, the first series notes quickly fell victim to counterfeiters who, using chemical solutions, removed the ink from lower denomination notes and then printed higher denominations onto the banknote paper which was the same for all denominations in the series. Also released in '96 were the 50 & 100 Hryven notes printed by TDLR in '92 and 1 Hryven notes of the second series which by that time, The Banknote Printing and Minting Works having opened at least one line to produce banknotes in '94, with completion of a state-of-the-art facility in '97, had been printed by the NBU in Ukraine, along with most of the second series notes. Some of the second series notes were printed by TDLR, also in 1994, which were the last notes not printed by the NBU. The 50 & 100 Hryven notes of the first series were never released into circulation.
    Below are examples of the first series Hryvnia specimen notes. Areas of note would be that the 1 Hryvnia only has the serial number printed once as opposed to twice, as on all other denominations in the series. The specimen number is typically found on the back of specimen notes but can be on the face as with the 5 Hryven specimen below or not be present, there does not seem to be any correlation between placement of the specimen number and signature variety yet. Finally, all specimens of this series have the serial number overprinted on top of the overprint "SPECIMEN".

    The 50 & 100 Hryven notes of the first series are listed in The Standard Catalog of World Paper Money's (SCWPM) last edition as P# 107A, 50 Hryven, and P#107B, 100 Hryven, with images of notes with red overprint "SPECIMEN" pictured above the descriptions and P#'s instead of the unissued non-specimen notes. Having images of specimen notes for a non-specimen P# is probably where the confusion with these started. Unissued notes are pretty much impossible to find, if there are even any still in existence, the red overprint notes are somewhat difficult to find but not impossible and the perforated examples are the most available but only turn up a few times a year. The red overprint specimens would have been part of the production of the first series notes and similar to specimens of the other denominations. My belief is that the 50 & 100 Hryven banknotes of the first series were produced along with the other denominations, fulfilling the original order placed with CBNC, and shipped to Ukraine where they sat. Specimens with red overprint may not have been readily distributed to institutions as they were never released, which could explain why they are difficult to find but any specimen from the first series is difficult to come by. Regardless, I consider these true specimens, in the sense that they were probably produced as an aid in familiarizing people and institutions with the new banknotes, and to help aid in counterfeit identification and authentication. The red overprint specimens will typically have a specimen number in the lower left corner on the back of the note, but I have seen images of notes with the specimen number missing, although I would be slightly nervous about acquiring such a note. If you can purchase both for under $500 as a pair in UNC condition you would have done very well in today's market.

    The next notes are listed in the SCWPM as 107A & B, or at least they are supposed to be, but several have been authenticated by TPG's as "specimens". All that I have viewed in TPG holders have been labeled as P# 107As (50 UAH) and P#107Bs (100 UAH), the same as the specimens with red overprint. Greeeaaat.  These specimen notes do not have red overprint "SPECIMEN" on them or a specimen serial number, solid zeros (ten), and have the word "НЕПЛАТІЖНА" (NOT PAYABLE/NON-PAYMENT) perforated in them. They are cancelled notes and not specimens but have been treated as such by the TPG's.  The perforations are slightly different between the two denominations, most notably in the first letter "Н". On the 50 Hryven note the left leg is perfectly vertical, on the 100 Hryven note the left leg is curved inward towards the right leg. I'm not sure if this was done on purpose but if you see a 100 Hryven note with a straight legged "Н" be warry. These notes were distributed and sold by the NBU in collectors sets labeled "Set of Hryvnia Banknotes to Commemorate 20 Years Since Currency Reform in Ukraine" in 2016, each set consisted of 28 banknotes, two of which were the first series 50 & 100 Hryven of 1992. There were two versions of the collector sets, the only difference being packaging/presentation. One thousand sets with a leather-bound folder were produced and an additional 3,500 sets were released in NBU envelopes. Meaning, at least 4,500 "specimens" were produced and possibly sold, all of the perforated examples for these two notes were removed from collector sets. So, it's no surprise that the perforated notes are far more common than the red overprint specimens. Currently, these will run around $300 for the pair in UNC condition. 

    Perforations:

    Commemorative Set/s, packaging and notes. I don't believe any of the other notes in these sets were unique in any way, but it wouldn't surprise me if it is found that some or all are.

    It is not clear to me if these were newly printed for the sets or if they were picked from the vaults, but they seem identical to the red overprint notes in ink and print quality. I also suspect that the perforated notes in sets were paired up based on serial number, the last 2-3 numbers will match, which coincides with the images I've seen of the sets, and why some listings of just the 50 & 100 Hryven notes will also have "paired" numbers. I rarely see a complete collectors set come up for auction, I imagine that many were broke down and the notes sold individually, but when they do I see asking prices of around $700 for the leather bound, I've never seen the set with envelope go up for auction. 
    There are known examples that were intended for circulation, no perforation or red overprint with actual serial number, but those are exceptionally rare. Proofs hand stamped "SPECIMEN" in black ink, on both sides, with solid 0 serial number also exist but are rare. 
    When I remember, , I record and track the serial numbers of both the perforated and red overprint specimens, below are the serial and specimen numbers I've tracked over the last handful of years. The difference between perforated notes and notes with red overprint is currently around 3:1, the margin was much larger, but 3 sets of red overprint specimens recently came onto the market. One other takeaway from the listed serial numbers is that the perforated 50 Hryven notes have two distinct blocks of serial numbers, 600004XXXX and 600009XXXX, I'm not sure why this is the case as there were supposedly only 4,500 released. Current range of tracked numbers of 100 Hryven perforated notes is 3,527 which is matching up with the total released, assuming the serial numbers were consecutive, the range for the 50 Hryven is currently 3,032 between the two serial number blocks. The rages for the red overprint notes are both at 169, again, assuming they were numbered sequentially. 

    So, what's next? I have examples of each note both perforated and with red overprint, I doubt I'll ever be able to acquire a proof or note intended for circulation, and I don't want these labeled with the same P#. I guess the first thing is to get the Pick #'s straightened out, the perforated and red overprint notes are separate and need unique P#'s. I'm not sure if at one point the SCWPM did have separate P#'s for both and then poofed one for some reason but using one P# for both notes is ridiculous. I'm going to try and sort this out with PMG soon as I plan on sending examples of each in for authentication, the only problem is that the genie is out of the bottle and there are quite a few perforated notes graded and a few of the red overprint notes, all with the same P#.  In my mind the red overprint notes would be P#'s 107As1 and 107Bs1, and the perforated notes would be 107As2 and 107Bs2 or possibly 107Acs and 107Bcs, or something else, as I really don't consider these specimens in the normal sense.  It kills me how half-aresed the Pick #'s are for Ukraine. Next will be to continue tracking notes, adding to my spreadsheets, and you never know, maybe a nice proof will pop up that is horribly underpriced and that nobody bids on but me. 
  4. Fenntucky Mike

    Where have all the (Ukrainian banknotes) gone.?

    By Fenntucky Mike,


    Ukrainian Banknotes
    Where'd they go? Oooh I know, in Bonezdog registry set! JK 
    But seriously this is a good problem to have. I keep an eye on the population reports and Ukrainian banknotes have been making big strides. While the pace has slowed in recent weeks I fully expect a large increase in the near future, an expectation such as that wouldn't exist without multiple collectors out there acquiring these graded notes, it's a simple matter of supply and demand. With out the demand it would be just me sending in only the notes I needed or deemed worthy for grading and greedily hiding them away in my collection/s. Having multiple dedicated collectors looking for notes really helps to shake them loose from collections and sellers. Not just common notes but also higher quality notes and harder to find notes. In the last month I've watched two P #50's go up for auction, a note that is not often seen, multiple specimens became available along with unissued notes and quite a few of the early Pick #'s have started popping up. All good things. As far as my roll in this I hope to convince PMG to add some short sets to the Ukrainian registry, right now they only have two short sets along with two large sets comprising over 100 notes. A 100+ note set is a daunting task to take on, and typically contains a few unattainable notes for the average collector. I feel if a few short sets could be added (specifically for the modern Hryven issues) that would draw in even more collectors. Hopefully, if more collectors gravitate towards Ukrainian banknotes even more great notes will become available, I have a feeling they will. So Bonezdog, Perfect-70 and all you other Ukrainian banknote collectors out there, bring it on! I love seeing new collectors and especially passionate ones and you can bet your last dollar that I will be there when the last Ukrainian note is gone.
    Here's some of my latest additions, I got a really good offer/deal from one of the sellers of some of these. An offer I couldn't refuse. I'm sure glad nobody else seems to be going after the earlier notes or specimens, more for me. 





  5. Fenntucky Mike

    Write Me Up For 125

    By Fenntucky Mike,


    Signatures
    On October 24th the NBU released into circulation 20 Hryven notes dated 2023 with the signature of the current NBU Chairman, Andrii Pyshnyi. The new notes are the third date and signature variety in the current series and will undoubtedly be assigned Pick # A126c. The current 20 Hryven design has also been used on two separate occasions for commemorative issues, once in 2016 and again in 2021, the 2016 notes having different security features but the same artistic design as the others. According to a recent study, 20 Hryven notes of the current design account for 6.3% of all notes currently in circulation in Ukraine, that's 169,200,000 notes worth approximately ₴3,384,000,000 Hryvnia or $93,935,000.88 USD.  With the release of the new 20 Hryven notes the only other denominations not bearing the current Chairman's signature are the 50 & 200, and I expect those to be printed very soon.

  6. Fenntucky Mike

    Ballers!

    By Fenntucky Mike,


    Auctions
    There have been some big-time rarities in Ukrainian notes hitting the auction block recently, almost all specimens, and prices have been through the roof! It's killing me that I can't splurge on one or two of these but unfortunately most are out of my price range. Also, as seems to be the norm unfortunately, I disagree with how some of these notes were labeled and the Pick #'s assigned to them, but that didn't seem to dissuade would-be bidders. Anyway, here are a few of the highlights.
    Four seldom seen specimen notes with De La Rue overprint, specimen numbers and printer's annotations, all were previously mounted. I suspect that all similar Ukrainian specimen notes with De La Rue overprint will have been mounted as I believe that was how they were presented. These are some rarities, gorgeous notes, and bidding proved strong for all four. All prices are in USD and are the hammer or high bid price only, taxes, BP, shipping, etc. not included. The first two notes were listed and sold separately, when those auctions concluded the next two were listed, also separately. 
    $1,775.00 (PMG, 63)

    $1,600.00 (PMG, 63)

    $2,300.00 (PMG, 64)

    $2,550.00 (PMG, 64)

    Next are more Color Trials, and Printer's Designs. The seller seems to have an unlimited supply of these, I'm hoping if they do list more, I'll have an opportunity to pick one up. PMG did label a few of these as "Unlisted Pick" varieties, which I would they rather do than incorrectly label them. It's too bad that Krause went tits up and left this huge void in identifying notes, the Banknote Book seems to keep up but PMG does not currently utilize BB numbers, maybe someday they will as the current state of things is not great. Back to the notes!
    $1,125.00 (PMG, 66 EPQ)

    $1,075.00 (PMG, 65 EPQ)

    $900.00 (PMG, 66 EPQ)

    $860.00 (PMG, 66 EPQ)

    $788.00 (PMG, 66 EPQ)

    $720.00 (PMG, 66 EPQ)

    $721.00 (PMG, 65 EPQ)

    $650.00 (PMG, 67 EPQ)

    There are also a few classic notes currently up for auction.
    Another 2 Karbowanez with a starting price of $1,480.00

    And last but not least we have an über rare 5 Chervontsiv note with a starting price of $9,535.00, the auction ends Oct 3.

    Overall, quality available notes seem to be drying up as the last few auctions had either very slim pickings and/or common moderns add to fill up the auction. I realize that as my collection becomes larger and more complete there will be fewer notes that I would want to acquire, leaving only "key" notes for me to find. Not acquiring new notes is I suppose it's a blessing in disguise as I'll be able to increase my funds and possibly pick up a few of the rarer notes, but not adding some Ukrainian notes is killing me and to it the frustration of having to watch these beauties pass by on my computer screen.  At least I was able to pull images and information for all of them from the auction listings and add it to my records.
    In the meantime, I've been picking up a few low-cost notes from other countries to fill the void and hopefully the timing will be right in the near future for the key notes. 
  7. Fenntucky Mike

    I Want Variety In My Society

    By Fenntucky Mike,


    Signatures
    The NBU released into circulation a new 1000 Hryen note dated 2023 with the signature of the current Governor of the NBU Andriy Pyshnyy. The notes were introduced into circulation on July 20th and will circulate with existing notes of the same denomination. This is the third signature-date variety and including the 2021 commemorative the fourth type overall, it will undoubtedly be assigned Pick # A128c. The 1000 Hryven banknote was first issued on October 25, 2019 in a response to a gradually falling Hryvnia and rising inflation. The new 1000 Hryven note would make it easier for business and the general public by requiring fewer low denomination bills for transactions and reduce government costs associated to the production of those lower denomination notes. The release also coincided with the introduction of 1,2,5 & 10 Hryvnia coins and the halting of production of notes of the same denominations, the lower denomination notes are still used in everyday commerce and are slowly being withdrawn as they come into banks and other institutions. 

    The 1000 Hryven banknotes were/are the topic of some discussion in regard to a stolen adobe font being used for some of the text. A topic that has yet to go away, and that the NBU denies. I've written about it previously in my Journal. No changes have been made to the fonts currently in-use on the banknotes.
    A 1000 Hryven note (Pick #24, pictured below) was issued 101 years prior by the fledgling government of a newly formed Ukrainian State in 1918, near the end of WWI and the beginning of the Russian Revolution. In 1918 there was also a 2000 Hryven banknote issued, cold similar large denomination banknotes be in Ukraine’s future? Although the current 1000 Hryven banknote was issued prior to the Russian invasion circumstances now could force the NBU to issue new higher denomination banknotes, mirroring previous history during similar situations. The Hryvnia was equal to .040 dollars when the current 1000 Hryven banknotes were first issued in 2019, it is currently sitting at .027. The NBU has given no indication that larger denominations are in the works, but one can't help but wonder.  

    There were also 3.6% interest 1000 Hryven bonds that circulated as money in 1918 and are considered notes. The central portion with or without coupons attached is considered a note, P# 15, as well as the coupons themselves if cut from the original, P# 20. Bonds with all eight coupons attached are extremely rare.

  8. Fenntucky Mike
    ...as I'm bowing out of these auctions. 
    Timing was never something that seemed to worked in my favor, neither was luck, but with both being somewhat out of my control I can only sit back and watch as more amazing notes hit the auction block.  Namely, three color trials and a printer's design being auctioned by the same seller who listed the 42 specimens only a few weeks ago. I suppose having a severe case of not wanting to let go, a set discretionary budget, and an acute lack of patience probably doesn't help my cause either. 
    First is a 1993, 2000 Karbovantsiv color trial note. This is the fourth such note that this seller has listed, the first three being graded 67EPQ x 2 and another 66EPQ by PMG. The 67s went for $600, not including taxes and shipping, and an offer was accepted on a $999 BIN price for the second. The previous 66EPQ was listed with a BIN price of $999, with an offer being accepted for the note earlier this year. Bidding on the below note is currently over $500. Hopefully this seller has a few more up their sleeve and I'll be in a position to bid on them.
    EDIT TO ADD: HAMMERED AT $720


    Next is a 1992, 100 Karbovantsiv color trial note. I don't have any records of this note, or another, being auctioned, making this note a first time offering of the type. Bidding is currently up to $505 on this note as well, but it should go much higher. 
    EDIT TO ADD: HAMMERED AT $710


    Also, we have what I believe to be another color trial but it is labeled as a P#88s. A #88s is a 100 Karbovantsiv specimen of the second series coupons with red-overprint "ЗРАЗОК" on the face and back with solid zero prefix and serial number, the color palate is orange, violet and grey, the note below appears to be a first and second printing red ink color trial. The color trial notes are typically identified by the color variations when compared to specimens or an issued note. The color trial notes of this denomination will also have a solid zero prefix and serial number, same as a normal specimen note, and no red-overprint "ЗРАЗОК" on the face and back. There are additional color trial notes with "SPECIMEN" in block letters stamped vertically in red on the left side of the face, these are very rare. Unfortunately for me the label isn't fooling anyone as bidding has reached $510 for this note. 
    EDIT TO ADD: HAMMERED AT $700


    Finally, a 1992, 50 Karbovantsiv printer's design. I love this note! I also have no record of this note, or any other, being made available. Currently unlisted in Pick, the seller must not have paid for variety attribution , it is listed in at least one other reference but not most, and none list this color. This note is great, an unreleased denomination for this issue, an unlisted color variety with printer's annotations, and the first time it's been available for purchase. This is possibly a unique note.  Of course, the seller may list several other after this note is sold, who knows.  Bidding is currently at $500 and should climb from there.
    EDIT TO ADD: HAMMERED AT $710
     

    It's difficult to say how rare some of these color trials and printer's design notes are, especially as it seems PMG does not list these notes, P#'s, separately and possibly lumps them all together under the series and denomination specimen P#, making the Pop Report even more worthless than it already is.  The one thing I do know is that there is a LOT of unique paper out there, especially for the coupons of '91-95.
    It's the eternal question of do you dig deep and go for these or establish a limit? Well, I've hit my limit and am going to have to let these pass, no matter how much I would like to keep going, at least I'm able to document them in my records and have decent images as well. I'm currently saving and selling off some coins in hopes of acquiring a U.S. NBN of all things.  It's doubtful that I will win that note either but I'm going to give it a try, I already have my limit established, and if I don't win that note I will be left with a sizeable stash of mad money for the next note. As there always seems to be another note on the horizon. 
     
  9. Fenntucky Mike
    A group of 42 Ukrainian specimen banknotes graded by PMG were listed individually and put up for auction on ebay last week, all starting at $0.99 and all ending within an hour of each other this afternoon. While listing all of the notes at the same time with auctions starting at $0.99 is fair and honest, I just wonder if the seller is leaving money on the table? These notes were not previously listed on ebay and I have to believe that higher prices could have been achieved for most of the notes if listed with a Buy It Now price. Not to mention that it makes it real hard for me to acquire all the notes I would like to get when a large group like this is auctioned off all at once.   Regardless, I was able to pick up five of the twelve or so notes I was really keen on, one of them being somewhat of a rarity.   The stars are next to the notes I won.

    Overall, most of the winning bids were in line with what one would expect to pay for similar examples being offered for sale with a BIN price tag hanging from it. The group of 42 realized $3,708.00 with a per note average of $88.29, average grade of the notes 65.57 with a high of 68 and low of 55, six notes did not receive EPQ designation. Two notes sold for over $200, eleven over $100, twenty-two for over $50 and eight sold for under $50. What does that all mean? Nothing really. 
    Two two highest prices realized were for a P# 107As (67 EPQ) that sold for $238.00, which is not a bad price, that is typically under what you could buy those for raw. Just under. I imagine that the price could go up for these once the P#'s are sorted out and it's better known that these are the rarer of the two varieties. That was a good pick up by someone, there could be value there. The other $200+ note that sold was P#127as, the sell price was a little high considering the grade (66 EPQ) and that the variety with English language "SPECIMEN" in red-overprint is the rarer of the two, this note being the Ukrainian language variety. PMG does not currently differentiate between the two.   Best deal, $48 for P#109as (66 EPQ), $40 for P# 109bs (65 EPQ), and $26 for P# 108as (58 EPQ), you can't buy those note raw for those prices. 
    My wins, P# 85s(2), 95s1, 117as, 116as & 126(a)s, I feel like I got a good deal on the P# 85s1, as it is extremely difficult to find one, the first I've seen that wasn't in a book. My other pickups were fair deals ticking towards overpaying, but not significantly so. Sellers pictures below.
    P# 85s2 (red-overprint), label is missing the "2". Five years in and I now have specimens with red-overprint for four of the seven denominations from the first series coupons. Love this note. 


    P# 95s1 was an upgrade purchase, 64 to 67


    P# 117as filled a slot.


    P#116as, also an upgrade. Replaces a 63 no EPQ note, I hate when a note doesn't have EPQ.


    P# 126(a)s, missing "a". This note also fills a slot and looks great based on the pics. 


    Now the wait, the seller usually ships notes out right away and I wouldn't be surprised if they were delivered by the end of the week but there's always a little apprehension until they arrive. 
    Also, as I sit here writing this, I realized that I didn't enter the serial numbers on the PMG submission forms that I just sent out.  I'm probably going to be charged a $10 fee for that one. 
  10. Fenntucky Mike
    It's been a slow start to the summer so far, granted this is only day 5 , but with the unofficial start being Memorial Day and the year being somewhat slow with NEWPS for me, it's been a real drag so far. I put together a submission to PMG and shipped it off yesterday. The submission consisting of the 1992, 50 & 100 Hryven red-overprint and perforated varieties and a few proofs, or at least I hope they are, I wouldn't be surprised if the proofs came back as QA. Once the 50 & 100 Hryven varieties are received, authenticated, and assigned new P#'s all will be right with the world except that there will be 26 PMG graded notes out there with obsolete labels. There is not much that can be done about that although, because I've been tracking these for some time, I do have a pretty good grasp of how many red-overprint and perforated notes have been graded by PMG and PCGS so far. That these two varieties were treated as the same note still boggles my mind. 


    More on these here.
    I picked up the "proofs" from Katz over the last several months and I sent them off for authentication because, well, I'm unsure of them myself.  Assuming they are authentic, I've requested that they be encapsulated in the PMG multi-note holder, with them being uniface it would only make sense that they be housed together. Whether or not they make it through authentication is going to be a matter of great angst for me, I'm hoping they pass weather as a proof, color trial, scrap or whatever. I'll take anything other than QA. 


    The auctions over the last few months have been less than impressive and I'm hoping things will pick up in August with the WFM kicking things off as we start getting closer to the holiday season and the end of the year. In the meantime, I'll be storing up nuts for the winter in hopes of acquiring a big score before the end of the year and selling off some of my coins in series that I no longer pursue and acquiring examples that in series that I do. Coin acquisitions have kept me busy during this nocturnal note phase. 
    One last note.  My favorite pickup as of late, at least the one that I am the most excited about, is this lovely commemorative note from Abkhazia, images from Banknote News. I read an article on it in recently, loved the look of it, and just had to add it to my collection. It's in route and I can't wait to see it in hand. 


  11. Fenntucky Mike

    Peace Sells... But Who's Buying?

    By Fenntucky Mike,


    2023 Commemorative Banknote "We Will Not Forget! We Will Not Forgive!"
    On February 23, 2023 the NBU issued into circulation the commemorative ₴20 banknote "WE WILL NOT FORGET! WE WILL NOT FORGIVE!", Andriy Pyshneyy, Governor of the NBU, presented the new banknote during a press conference earlier in the day. The commemorative note will have a limited run of 300k, all the notes will have prefix ЗС and be dated 2023 with Pyshneyy's signature donning the face. Serial numbers will range from 0000001 to 0300000, with 200k being available in folders and the other 99,900 in envelopes, per the NBU. The selling of commemorative banknotes in souvenir packaging and/or envelopes is typical of the NBU in recent years, and the shortage of 100 notes from the total availability of the envelopes is, presumably, either an error in the press release or some notes were held back to be distributed amongst a few individuals and institutions. The commemorative notes were available for purchase on February 24, through all the standard distributor banks of the NBU, as well as on the NBU's website. The security features are similar to those found on other circulating notes of Ukraine but are design specific to the note, a unique watermark, SPARK feature, micro-text, UV and IR features, etc. can all be found on the note. I'll take a wild guess and say that I expect Pick # 133a to be assigned to this note, or possibly P# CS4.

    The description of the banknote from the NBU is as follows:
    "The main image of the front of the note are three Ukrainian soldiers who are hoisting a Ukrainian state flag (photo entitled “Ukrainian soldiers are hoisting a flag” by Oleksandr Smirnov) against the backdrop of fragments of a map of [Eastern] Ukraine [and Crimea] and the flags of the countries that support Ukraine. [The flags of the United Kingdom, European Union, United States and Canada are visible] Above are the following texts (with a laurel wreath between them) in Ukrainian and English: "24 лютого 2022 року повномасштабним вторгненням російської армії розпочався новий етап збройної агресії проти України. Народна війна за незалежність і суверенітет України триває з 2014 року. Це також війна за цивілізаційний вибір: Україна відстоює свою приналежність до європейської цивілізації і водночас – ті засадничі цінності, права і свободи, що лежать в основі західного світу; On 24 February, a new stage of armed aggression against Ukraine began with a full-scale invasion of Ukraine by the russian army. The people’s war for the independence and sovereignty of Ukraine has been going on since 2014. This is also a war for a civilizational choice: Ukraine is defending its place in European civilization, and at the same time fighting for the fundamental values, rights and freedoms that underpin the Western world". Under the laurel wreath are the legend І НА ОНОВЛЕНІЙ ЗЕМЛІ ВРАГА НЕ БУДЕ... (And on the renovated land, there’ll be no enemy...) and a polymer thread containing the symbol of the hryvnia, the logotype of the National Bank of Ukraine, the shoulder patch of Ukraine’s Armed Forces, the emblem Ukraine’s Armed Forces and the legend СЛАВА УКРАЇНІ, ГЕРОЯМ СЛАВА (Glory to Ukraine, Glory to the Heroes). The banknote’s face value 20 is beneath to the left, while the vertical legend ДВАДЦЯТЬ ГРИВЕНЬ (twenty hryvnias) is to the right of the soldiers. There is also a stylized steppe with poppies symbolizing Ukraine’s dead defenders."
    Photo by Oleksandr Smirnov below.

    "The main image of the back of the note is a stylized composition that symbolizes the physical and mental suffering of Ukrainians under occupation – hands tied behind a person’s back, against the background of crumpled cloth, behind which a figure with a bullet wound in the form of a poppy is suggested (designed by Serhii Mishakin); on both sides of the figure are stylized wings made from candle flames; above, against the backdrop of the outlines of destroyed houses is a crown of thorns that stands for martyrdom; to the right of the crown is a security feature – a colored composition consisting of a guilder rose and an anti-tank hedgehog. The back of the note also features the legend “ПАМЯТАЄМО! НЕ ПРОБАЧИМО! НІКОЛИ!” (We will not forget! We will not forgive! Never!) (under the crown of thorns), while also depicting a kind of illusion – stylized poppies that stand for bloody bullet wounds." The banknote was designed by one of the NBU's go to artists, Volodymyr Taran. 
    In May of 2022 the commemorative banknote was scheduled for release in December of that year but was delayed/pushed back to February of 2023, presumably due to production/design difficulties brought on by the war and to coincide with the 1-year anniversary of the Russian invasion. Also, if you didn't know already, the NBU's next commemorative note is currently scheduled for release in December of '23, entitled "Long Live Ukraine". I expect that the commemorative ₴20 banknote in December will be a completely new design as well. 

    With a print run of 300k I wouldn't call this note scarce but being a completely new design, with powerful imagery and context, I expect this note to be in high demand, as opposed to the ₴500 Skovoroda commemorative note issued in December of 2022 which was comprised of 2021 dated notes with the previous Governor's signature and OVI overprint in the form of the festival logo. With a much smaller run of 50k the (2022) commemorative Skovoroda notes are still readily available at reasonable prices. The "WE WILL NOT FORGET! WE WILL NOT FORGIVE!" commemorative notes are currently available as various online selling platforms in the $20 range, not including shipping, but can be found for much more reasonable prices if dealing direct with Ukrainian sellers. Prices have climbed since the first listings were posted on the 23rd. Who's Buying?

    The new commemorative banknote measures in at 80 x 165mm making it the largest banknote issued by the NBU, both length and width, since Ukraine declared its independence from the Soviet Union in 1991. The previous "largest" banknote was the circulating ₴1000 with dimensions of 75 x 160mm. This is also the first vertically oriented banknote issued by the NBU in modern times, with the only other vertically oriented notes being the postage-stamp currency of 1918, the Shahiv. In 2020 the NBU released a souvenir (fantasy) note celebrating the first astronaut of Independent Ukraine, Leonid Kadeniuk. The souvenir was not intended for circulation and carried no value, but it was vertically oriented and measured 80 x 170mm, making it slightly larger than the new commemorative, with similar orientation. The NBU also released a test note in 2008, horizontally oriented with no value, that measured in at a whopping 95 x 180mm making it the largest "note" the NBU has released in modern times.


  12. Fenntucky Mike

    The Paper Money's Whirling By

    By Fenntucky Mike,


    New Banknote Release
    On April 25, 2023, the NBU released into circulation new 500 Hryven banknotes bearing the signature of the new Governor Andriy Pyshnyi and dated 2023. The release is "part of a planned issuance to ensure the cash circulation of 500 Hryvnia banknotes to replace worn and damaged banknotes," per the NBU. The new note will end up being Pick # 127d, once one is assigned, and will be the 6th issuance of a 500 Hryven note of the new series which began in 2014 with the 100 Hryven banknote. The notes are available to purchase, raw, from several sellers.

    As previously mentioned, this is the 6th issuance for this denomination, four for general circulation and 2 commemorative issues. The six varieties are more than any other denomination of the current series, and the four (d) printings for general circulation is tied with the 100 Hryven banknote, of which the fourth general issue was just released in December of 2022. 

    The 100 & 500 Hryven banknotes of the current series have more signature varieties than any other denomination in the same series, currently twice as many, as they were the first denominations printed (2014 and 2015 respectively) and they are the first Pyshnyi signed notes to be released. All other denominations of the new series were first printed in 2018-19, roughly four years after the 100 & 500, and as a result the 100 & 500 Hryven denominations will probably always have at least one more signature variety than the rest of the denominations in this series. 
    One could also assume that these are the most heavily used notes in everyday commerce/transactions by the public, and I'm sure the war in Ukraine is playing a factor as several banks defaced many bricks of notes which would need to be replaced, and now could be a good time as things have currently stalled on the front. The current inflation rate of around 24% probably isn't helping matters either, causing lower denominated bills to have less purchasing power and requiring more of them per transaction, which would make larger denominations more desirable. The 100 & 500 Hryven notes seem to be the workhorses of the Ukrainian economy, unfortunately I haven't been able to find printing figures but if I were to go by the number of different prefixes used for each denomination those notes stand head and shoulders above the rest. 
    The 2021 (2022) 500 Hyrven Commemorative is a quirky little note. It was released with the signature of the previous Governor and postdated, for circulating notes this would be the norm for a period of time until new plates are made with the new Governor's signature, but since it was a commemorative, a onetime issue, it kind of sticks out in the series of notes. The 2021 dated notes with the signature of the previous Governor (Shevchenko), have an additional screen-printed design on the face, over the watermark area, which is the logo for the 300th Anniversary Celebration of the birth of Hryhoriy Skovoroda. The logo helps peg the release date of the note at 2022 (Skovoroda's date of birth being Dec. 3, 1722), print and release dates from the NBU verify this as well, and that it overlaps the current Governor's tenure by a few months just kind of makes it a little more fun to me. The notes were probably already printed prior to Pyshnyi being appointed Governor of the NBU in early October of '22, or too far along to stop production and make new plates. The timing just didn't allow for a change, I guess. The notes were released in late December, the month of Skovoroda's birth, and one has to wonder if Shevchenko didn't drag his feet a little to get one more note out with his signature. Probably not but it's fun to speculate on such things, mainly because that thought would have crossed my mind if I were in the same position. Kind of an "up yours!" or one finger salute on my way out the door. 
    On a side note, I don't see PMG labeling notes with release dates after the date (year) printed on the note, (postdated notes) much if at all anymore. For example, the 2022, 500 Hryven Commemorative would have in the past been labeled 2021 (2022) on the PMG holder. I think? I wonder if they've stopped labeling notes with postdates like that? 
    Varieties by denomination.

    Signatures

    Currently, new notes are being printed as needed, or so it seems, and there is no telling when the remaining denominations will be updated to include the Pyshnyi signature and new date (year). In 2021 there was a mass printing of every denomination for general circulation, including a separate commemorative in every denomination, with all being released from March to December of that year. In 2021 the order of release was 500, 100, 200, 20, 1000 & 50 Hryven notes, that order could be similarly repeated in 2023, or close to it. If I'm correct in my speculation I would expect to see additional print runs of the higher denominations before the lower ones and I think we may see a new run of each of the remaining denominations, last printed in 2021, before the end of the year. This would be an additional five Pick #'s, including the commemorative scheduled for release in December 2023, that could be potentially released throughout the remainder of the year. 
  13. Fenntucky Mike
    ...NOT!  Even if it was, I'm not sure it would be enough to pick up any of these beauties. 
    As is the norm, I'm striking out on some really sweet notes but at least I've have had the pleasure of seeing some awesome bills go up for auction. It seems more and more rarities and harder to find notes are coming out of the woodwork and are realizing sky high prices at auction. In addition to the rarities, fancy number notes are receiving more attention, an uncirculated 2007, 200 Hryvnia note with radar serial number 6698966 is currently bid up to 97 Euros. Whoa!  Common notes are holding steady unless a variety or condition rarity and banknotes in general seem to continue to pick up steam. Below are some of the highlights from the past few months.
    Two fantastic color trial notes went up for auction, along with an amazing printer's design note! I really wanted to snag one of these, especially that printer's design.  Unfortunately, all three slipped through my grasp as I was the underbidder on two and matched on one but my bid was deemed to have been placed after the other bid. 
    $537


    $600


    $685


     
    A couple of 2011, 50 Hryven commemorative notes were auctioned off recently. These notes are a manufactured rarity, with only 1,000 being produced, 200 of which were encased in acrylic blocks leaving only 800 available to collectors. This note annoys me to no end. Granted, with only 800 notes there are not many to go around but 800 examples available is not a low number for a note. It was sold specifically to the collectors market and the survival rate would be very high, probably 800/800, and I have a hard time believing that there are over 800 collectors, or speculators, out there willing to pay the prices these notes tend to achieve. There are just so many rarer Ukrainian notes out there that I'm surprised people go gaga over these, but that's not to say I wouldn't like to purchase one, I absolutely would, just not at these prices. 
    €1390 ($1546.86 USD)


    $4312.50 Wow!


    The 2 Karbowanez notes of 1942 are slightly annoying to me as well, mainly because I see so many go up for auction. It is supposed to be an uber rarity, which it is a rarity, but I've documented at least 26 of these notes by serial number in auctions over the last 2-3 years, with some notes being sold more than once. I see these more than the 2011, 50 Hryven commemorative notes above. At any rate they have an interesting history/story and are tied to WWII and Nazi Germany, which probably helps elevate prices as well. I was a little surprised at the prices realized for the first two notes as their condition is less than stellar, apparently condition didn't play much of a factor as they both sold for Princely sums. 
    €4236.4 ($4714.48 USD)


    €2880 ($3205 USD)


    The next two are currently available to bid on.
    Starting Bid €3200 Euros, ends 5/5

    Starting Bid €1800 Euros, ends 5/5

    Besides the big two there were many other strong prices realized for Ukrainian notes. 
    €884.5 Euros ($984.23 USD)


    €1081.20 Euros ($1203.11 USD)


    €4609.20 Euros ($5128.89 USD)


    €2767.2 Euros for the pair ($3079.20 USD). Rare prefix letter "B".


    €4105.20 Euros ($4588.06 USD), Uniface specimen.

    €4683 Euros ($5211.01 USD), Uniface Specimen

    €4969.20 Euros ($5529.48 USD), Uniface Specimen

    There were a few notes sold in a Katz auction today that brought strong prices, I'll post those in a reply to this Journal entry as I've maxed out the available space for images. 
  14. Fenntucky Mike
    With some grading credits in-hand I sent off a couple of submissions to PMG to help fill out some of my sets, mainly my specimen sets. Since I had the credits, I decided to send in a couple of duplicates, tried for a few upgrades and sent in some notes that are not worth the cost of grading. All-in-all the results were pretty good with no real disappointments or surprises, and PMG updated their Pick #'s to correctly identify all the notes. 
    The first submission consisted of four notes/certificates with a denomination of 1,050,00 Karbovantsiv, listed as Pick # 101, two of the notes were "issued" and two were remainders. These are large pieces and required the oversized holder which further drove up the cost of the submission, but I definitely wanted to send in at least one example each of a used certificate and a remainder, I sent in two remainders in hopes of improving my odds of a higher grade and I sent in the second used certificate because why not.  The SCWPM did not list a # 101r, for a remainder, in the last edition so I wasn't sure how PMG would label the notes, since I had sent in examples of "issued" and remainder certificates my hope was that PMG would generate/request a new P# for the 101r. Knowing that it probably didn't exist I entered 101r for the P# on the submission form and sent them in, well, PMG pulled a new P# and labeled the certificates correctly whether how I submitted the notes had anything to do with it I don't know, but I'll take it.  I will say that this seemed to delay the submission for a few weeks as when the notes were first entered and scheduled for grading the following message was attached to the remainders description "N/A X332X due to various cases This note label has been manually entered Please contact Customer Service if you feel that this is an error", eventually this was replaced by UKE101r 1995 1,050,000 Karbovantsiv Ukraine. I imagine that the additional time was to acquire a P# and update their system. 
    The remainders graded 66 & 67, the "issued" notes were both 58 EPQ.


    The next submission was a group of modern specimen notes.
    First up was a 1991 5 Karbovantsiv note, a tough one to find, and I was worried that PMG wouldn't label this note correctly as they have typically labeled other specimens from this series with only an "s" after the P#. The SCWP does list two different specimens for this note P# 83s1 (SPECIMEN, perforated) and 83s2 (SPECIMEN, red overprint), there are actually five different specimen variants, six if you include the printer's design, and with PMG having previously labeled my P# 81s2 as 81s I was a little nervous. Thankfully the note was labeled correctly and made its way through grading unscathed. I think some recent submissions from other individuals of the s1 notes and possibly my inclusion of both current P#'s in my registry set, may have helped with this. The only problem now is that there are several notes out there with incorrect labels and the PMG population report is lacking in information. Anyway, here's the note!


    Next was a 10 Karbovantsiv note from the same series. I had the same concerns with this note as the P# 83s2 but this one made it through and was accurately labeled as well. 


    Next up is P# 88s, this note filled in a hole in my NBU - 1991-1995 Issue, P81-P100, Specimen, Complete set. As did the previous two notes. 


    Next up was an attempt at an upgrade but the note fell short. 


    Another hole filler here in the same set, a tough note to find and I'm happy with a 64 EPQ.


    Another try at an upgrade, this one worked out and replaced a 66.


    Another upgrade, this one replaced a 65 EPQ. I actually sent in two of these, both graded 66 EPQ, if anyone is looking for one let me know we can probably work out a deal. 


    Another successful attempt at an upgrade, this note replaced a 64 EPQ.


    The rest of the notes are after the banking reform in Ukraine and are denominated in Hryvnia, I have to see if I can get the registry to expand the specimen sets for these issues to include varieties, otherwise most of these notes won't have a home.
    Someone wrote "UKRAINE" in pencil on the note, I knew about it but since I had the credits, I sent it in anyway.


    Pick # 118as


    Pick # 119as. I actually sent in two of these as well, both graded 66 EPQ.


    Pick # 119As


    Pick # 120as


    Pick # 121as. I sent in two of these as well, both graded 66 EPQ.


    Finally, Pick # 122as


    I want to start adding to my 1917-Date Ukraine type set and will probably start pulling together notes to send for a submission in early summer, but you never know what else might pop up in the meantime. 
  15. Fenntucky Mike
    When I first started collecting Ukrainian banknotes, three or four years ago, the first purchase I made was the Standard Catalog of World Paper Money (Modern). hereafter Krause. This book gave me the general information I was looking for, what did some of the notes look like, how many different notes are there, etc.. This basic info gave me an idea of #1 did I like the notes (are they interesting and attractive to me), #2 how much was this going to cost (how many different issues and how rare), #3 how long will it take and will I be able to obtain most of the notes (availability). I then used the information in Krause and cross referenced to online sources like eBay and a few different auction sites to verify availability and cost. Once I had answered these questions to my satisfaction I went out and made my first Ukrainian banknote purchase and then my second, third and so on. Once I was about three months in I thought "I still need more information" on these notes especially the pre 91' issues, so I went out and found a few more references to add to my collection (Make no mistake about it, a book about banknotes that you collect IS part of your collection.). As I collect these notes the process continues, get a few notes, get a new reference. I have absolutely spent more time reading (and writing) about these notes than I have spent looking at them, at least 10 to 1 probably way more than that. Which makes me wonder what I enjoy more studying/reading about these notes or actually owning them (A Journal for another time perhaps?). At any rate, the trigger for this entry was that I bought another reference this morning (and I'm still kind of annoyed about the "mushroom" watermark thing), the 2010 NBU Banknotes and Coins of Ukraine for the year 2010. Hopefully this entry will give any new collectors an idea of what they could be getting into and if there are any current or new Ukrainian collectors out there, I consider all of these "must haves" for your collection. PMG if you don't have any of these you may want to add them to your library, just saying. 
    Krause: Good for general information, a good first purchase.

    Wonderful book, in English. Includes Ukraine along with several Eastern Bloc countries. Full color pictures.

    A great "pocket book" it's small (8"x6"x1/2") so it's easy to carry around. Cyrillic with English captions. Full color pictures.

    The most thorough book on Ukrainian banknotes there is, lists every known banknote printed including issues specific to banks and territories including during periods of occupation. All text is in Cyrillic but if you can learn a few key words (or use google translate or similar software) you'll be all set. Full color pictures.

    The NBU issued catalogs of all coins and banknotes produced in a said year (they stopped in 2013 I think). These are great with descriptions and numbers direct from the NBU. Cyrillic and English, full color.


    This is a downloadable .pdf, it covers the modern issues. Not a bad issue, if you wanted to skip Krause and go with this you'd be alright (has Pick #'s for reference). Full color.

    Downloadable .pdf's from the NBU. The NBU issued a new catalog in 2019, (for the first time is several years) FREE, and downloadable in English. Full Color.

    Finally the NBU website is an invaluable source of information for modern notes, including detailed security descriptions, the website has Ukrainian and English versions. I probably have a few more but I'd have to look for them. I tend to have these books scattered about, as I reference them so much.
    Here's another, Banknotes and Coins of Ukraine, Cyrillic so bring your translator. 

  16. Fenntucky Mike
    The Forum is back up and working again for me! Yes! 
    Anyway, there has been some news from Ukraine over the 4-week break. In the past month two new notes were released, with one sporting the signature of the new Governor of the NBU, Andriy Pyshnyy. 
    On Dec. 12 the NBU put into circulation 100 Hryven notes dated 2022 and bearing the signature of the newly appointed Governor. This was a quick turnaround from appointment, Oct. 7th, to new notes, Dec 12th, I'm sure some U.S. collectors would be jealous at the quick turnaround although it did only take three months once new Treasure Malerba was sworn in. The note is of the same design as previous 100 Hyrven notes, design of 2015, and is the only denomination issued so far with the Pyshnyy signature. We'll see how quickly the other denominations are released and if any others will be dated 2022 or if the rest will be dated for the current or upcoming years. I have to say that the Pyshnyy signature is fantastic, bold, flowing, legible, probably the best signature to date on modern Ukrainian notes. This should end up being Pick # 126d once one is assigned.

    Signature of Governor Pyshnyy.

    The second new note released (Dec. 29th) was the 500 Hryven banknote commemorating the 300th Anniversary of Hryhoriy Skovoroda's birth. The commemorative note is of the same design as previous 500 Hryven notes, design of 2015, and bears the official symbol of the 300th anniversary celebration. The celebration symbol/logo is located directly over the watermark, similar to the 30th anniversary notes of 2021, and was applied by screen printing with optically variable ink. The logo depicts a silhouette of the sage/poet Skovoroda along with the text СВІТ СКОВОРОДИ (The world of Skovoroda). Interestingly enough the notes are all dated 2021 and bear the signature of the previous NBU Governor Kyril Shevchenko, I suspected that these notes would have Shevchenko's signature but thought that they would be dated 2022. I'm not sure why notes dated 2021 were used, must of just had some laying around.  I believe this note will be assigned Pick # 132a when the dust settles. 

    The Skovoroda commemorative has a print run of 50k, with 30k being sold in souvenir packaging, 554 UAH ($15.06), and 20k sold in plain NBU envelopes, 541 UAH ($14.71). All notes have the prefix ГС with the serial numbers ranging from 0000001 - 0050000, I'll be looking for some fancy # notes, binary specifically. 
    Other Ukrainian banknote news includes the NBU bumping the release of the planned 20 Hryven commemorative banknote "The Russian-Ukrainian War. We Will Not Forgive!" from December 2022 to February 2023, I imagine this note will have the Pyshnyy signature and be dated 2023 but we'll see. Also scheduled in 2023 is another 20 Hryven commemorative banknote "Long Live Ukraine", the anticipated release is in December with a run of 300k.
    It's good to be back. 
  17. Fenntucky Mike

    [Notes] Without A Face (Part 3)

    By Fenntucky Mike,


    Control Coupons
    Having compared scans of the notes, as well as images of the notes under UV light, we'll take a look at the notes with backlighting.
    All four notes display similar qualities. The parquet watermarks are clear with blocks of four lines running diagonally alternating 90 degrees every other block of four and the back ink is clearly visible through the face and appears violet. I don't particularly see anything off about any of the notes when backlit. 
    Control note.

    QA note.

    Second P # 83x

    Third P # 83x

    I've also viewed all the notes under IR but the results are the same as the backlighting test, all appeared to be the same with no IR features and no visible ink, blemishes or alteration. I don't have a good way to capture IR images yet so I won't be posting them, you'll just have to take my word on the results.  If someone REALLY wants me to post IR images of the notes let me know and I'll see what I can do.  I will also add that the notes all measure the same and the paper quality seems to be on par with other 5 Karbovantsiv notes from 1991.
    In the end I see nothing conclusive and can't say whether or not these notes are genuine. Some of the smudging and staining could lead one to believe that these notes were altered but I tend to think not, I also find the possibility of these notes being missing print errors a stretch. To me the more likely possibility is that these were purposely printed on only one side but for what purpose.  The back design seems to be an exact match to other notes, granted it is a simple design and could be easily counterfeited I just don't feel that is the case with these. I might give these another go with PMG but I will have to contact them and see if sending in all three examples, and a certified note if that helps, would be beneficial and perhaps if I submitted them as something besides P # 83x (missing face printing error). We'll see. My best guess at this point is that these are a printer's proof or scrap. 
    Now to see what's going on with the two different security fibers on the control note. 
  18. Fenntucky Mike

    [Notes] Without A Face (Part 1)

    By Fenntucky Mike,


    Control Coupons
    On my last submission I mentioned that one note came back as QA "Questionable Authenticity" (1991, 5 Karbovanstiv, Pick # 83x), while not completely shocking I was a little surprised and disappointed. Not so much in that it was not authenticated but that there wasn't a cut and dry decision made, if it had come back as a not genuine, counterfeit or altered note, no problem, but now the note is hanging out in limbo with no clear designation. While the Questionable Authenticity tag does give me a path to go down, meaning I need to try and validate the note, there were no additional comments made which means I'm starting off with pretty much what I had prior to submitting the note which is not much.   After the note was returned from PMG I did reach out in hopes of there being some graders notes or other information that they may have logged in their system during evaluation/grading, but no such luck there either. So, what's a collector to do? Well Obviously, acquire more examples of the same note of course.  

    I had actually found another example of this note while the first note was at PMG and as luck would have it I found a third example shortly after the submission was returned, so let's do some side-by-side comparison of the three notes and of the three notes to an authenticated note with face printing.  The first four images are scans of the face and back of each note with a black background, #1 is the control note, #2 is the note returned by PMG, #3 is my second example and #4 is the third. 
    Control note, authenticated by PMG, with face printing. Light blue face, dark blue back variety. (Not currently recognized)

    The first note, returned as QA, has some smudging/staining, possibly ink, on the face. The parquet watermark is clearly visible on both sides and the back printing seems authentic. The note has an overall dingier appearance than the other two but not as much as the below scan makes it seem.

    The second note, while overall a cleaner example, is very similar in appearance to the first. There is no smudging/staining on the face but beyond that an almost identical note. Some of the color variances in the images are due to variation from scanning, in hand there is not a noticeable color variation on the back printing and the watermarks are just as visible as the first note under normal lighting. 

    The third note is much the same as the second with no discernable differences between the two.

    I think one of the issues with these notes is that for the face printing to be completely missing the sheet would have had to miss two printings. I'm assuming that the back of the note was printed first, followed by the face printing and finally the third printing with UV ink. For these notes to be true errors I would expect that they would have been released into circulation and missing two printings doesn't seem very possible, add to the mix that the notes seem to be normally found in uncirculated condition. It seems more likely that these could have been printer's proofs or scraps. 
    I can't fit all the images that I would like into one Journal entry so I will be posting two more entries on these notes shortly. The next entry will include images under UV lighting. 
    If anyone notices any differences in the notes let me know, I'm hoping we can crack this. 
     
  19. Fenntucky Mike

    [Notes] Without A Face (Part 2)

    By Fenntucky Mike,


    Control Coupons
    As previously mentioned in Part 1 we're comparing three different Ukrainian P # 83x notes with one another, hopefully they are authentic, and with a control note. We previously examined scans of the four notes now let's take a look at all of the notes under UV. 
    The control note displays all the typical UV features that are to be expected, UV security fibers, background on the face and latent imprint to the left of the depiction of Lybid. There are varieties of notes with and without the latent imprint and the reddish ting in the image, particularly at the top, is due to the UV light reflecting on the PMG holder. Also, unique to the control note is the mix of gold and blue security fibers that are visible on the face, I (literally just now) viewed several other 5 Karbovantsiv notes under UV, including two other certified notes, and the two different colored security fibers seems to be unique with the light face, dark back ink variety. At this point I'm not going to ignore the fact that the missing face print notes do not have the two different colored security fibers that are visible on the control note, and am wondering if I haven't stumbled across an new variety or a way to identify it. 

    The note returned as QA displays the fibers but is missing all of the UV ink on the face, including the latent imprint. The smudge at the top left-center of the face is still visible and on the righthand side, where the UV visible background would be, is a little streak or blotches of what looks like a match to the gold color UV background, or it could be possible contamination, but the gold-color makes me think not.

    The second missing face print note appears similar to the first, with the only noticeable variance being a smudge at the bottom center on the back of the note. It's lighter in color and is only visible under UV, possibly a UV ink smear or something else that is on or touched the note. It's typical to see smudges that appear under UV at the edges of these notes, possibly from handling but this smudge does not appear to be consistent with handling. 

    The third note does not appear to have any unusual smudges, smears, or otherwise curious marks under UV.

    I'm not a big fan of the visible smudges and ink in central locations of some of the notes but I wouldn't call any of these deal breakers. I am however very excited at noticing the gold-colored security fibers in the control note, and am looking forward to further investigating that. I love when a new lead turns up while investigating something completely unrelated. 
    Next, I'll backlight the notes and we can check out the watermarks.
     
     
  20. Fenntucky Mike
    I sent off a second submission of specimen notes to PMG and I have to say that the team at PMG did a fantastic job as the notes arrived just prior to hurricane Ian and were sent back shortly after Ian passed. Even though PMG had to shut down due to Ian, the submission was processed well under the stated turnaround time. Amazing job! 
    Unlike my first submission, in which all the notes straight graded, it seems that I had a few problem notes in my second, one I knew of and two I didn't. In addition to the low points there were also some "high notes" which are worthy of celebrating. I'll go through all the notes in the submission with some short comments on each, and a dedicated Journal entry on one note to be forthcoming. 
    Right off the bat the first note in the submission was body-bagged.  It was labeled as QA (Questionable Authenticity).  I have a request into PMG to see if there were any graders notes for this one and I'm also waiting for two more of these notes to arrive from sellers in the U.K. and the Czech Republic which I recently picked up. If you haven't already guessed I'll be writing about this one later once I have more info, for now it's a note that PMG won't encapsulate. Ouch! I was not charged the grading fee for this note. 


    Next up was a note that finished out the Control Coupon registry set that PMG has. It's always a good feeling to finish out a set!  I'll have more on these notes later and what I think constitutes a complete set, including varieties. Hopefully I'll get PMG to agree to adding a few, unlisted at the moment, varieties and expand that set even further. The back of the note is of the same design as the note above but in green ink and with the numerical denomination 50.

    Notes 3-5 were all additions to my 1991-'95 specimen set, specifically the 2nd through 5 series coupons, all three received numerical grades in the range I expected with two being towards the high end and one being graded 68 EPQ! Sweet!  There was one slight disappointment in this group though, the 1994 100,000 Karbovantsiv note came up short and did not receive the EPQ designation.  It's a tough note to find and the condition wasn't on par with the others, but I was hoping to squeeze out an EPQ designation on this one. It's the only note in the set without exceptional paper quality, I'll be keeping my eye out for another example, but it will probably be a long while before this note pops up again. 


    Pick # 97s2 has the same back design as the note above, 96s3.

    Now this is one sweet note, one of the very few Ukrainian specimen notes with the specimen overprint on only one side. Pick 98s2 in my set is also graded 68 EPQ making a matching set, quality wise, for me.


    The rest of the specimen notes are denominated in Hryvnia and are the first such notes I've submitted. Again, there is some highs and lows in here but nothing as dramatic as the first five notes above. All in all not bad, but I need to pay more attention to what I send in for grading. Gotta hone my skills a bit more.
    Not a great result on this one but more are easily had and are relatively inexpensive.


    Note #7, not too bad. 


    Notes 8 & 9 are duplicates, the note with the "Tears" annotation was a little disappointing but I should have caught that one. Serves me right for being in a hurry and not examining the notes further prior to submitting. Live and learn.



    Notes 10 & 11 are of the same series but different signature varieties. The grades are on par with the rest of the Hryvnia denominations.



    Finally a couple of 20 Hryven notes from the same series with signature/date varieties.



    All in all, not bad results and it'll be interesting to see what PMG says about the first note, that is if they say anything, but if I could change one grade it would be to give P97s2 an EPQ designation. It really bugs me to see all the EPQ notes in that set and then run into this one none EPQ note, it makes the set feel unbalanced.  I'll just have to live with it for now. On another note, I managed to find a 100 Karbovantsiv specimen note to bring me closer to finishing out the 2nd - 5th coupon series notes and I'm contemplating sending in some of my older Ukrainian notes to fill out the front half of my type set. We'll see when I get around to that though as I'd like to see some changes made and I'm not sure PMG is going to agree with me on them, probably not. 
  21. Fenntucky Mike

    Secret Secret I've Got A Secret (Part 2)

    By Fenntucky Mike,


    Unlisted Varieties
    In further researching the subject of Type 1 & 2 notes of the second series control coupons of 1992, 500 Karbovantsiv notes only, and acquiring and examining roughly 75 circulated notes and a dozen uncirculated, in addition to viewing another 100 or so examples online, there appears to be additional identifying markers between the two variants. Whether these markers are due to plate, ink or production variations is not known, by me anyway,  but they have so far held true when used with the original fractional prefix denominator number ranges given in my previous Journal entry for T1 & 2 notes and the initial indicators used i.e., gapping between prefix and serial number and light or dark shading in the area of the prefix and serial number. 
    In addition to the original diagnostics, it would appear that the T1 notes with denominators of 5,6,7,8 &15 were more heavily inked, or a darker ink mix was used in certain areas, specifically, on the face, the word КУПОН (COUPON) and the numerical denomination 500 located immediately below, on the back, the ornamentation has the same light and dark variations. On the face of T1 notes the word КУПОН is darker than on the T2 notes, as is the numerical denomination below, and on the back of the T1 notes the ornamentation around the numerical denominations is lighter than on the T2 notes, also, the central ornamentation on the back of T1 notes is again lighter than on the T2 notes. Also, all replacement notes (denominator 99) seem to be universally of the T2 variety, having the same diagnostics that are associated with the T2's.

    T2 notes (including replacements) are much more easily found in uncirculated condition which would suggest a common printing date/production after the T1 notes and this would follow an ascending numbering sequence for the denominators. T2 notes with denominator 28 seem to be rare at best, as I have yet to cross paths with one. Of the 75 circulated notes I have 48 are T1's and 27 are T2's, this falls in line with the number of denominators used for T1 and T2 circulating notes, five denominators for T1 notes and three for T2 notes, 5:3, assuming all production runs with unique denominators were of roughly the same size.

     
    Unfortunately, even though additional diagnostic markers have been found to differentiate between T1 and T2 notes I am no closer to figuring out what is going on with the UV ink in the numerical denomination and background on the face of the note, as all of the circulated notes either have none or only slight traces of UV in those areas. Most of the circulated notes show no signs of UV, leaving me to believe that it has worn off? The uncirculated notes that I have are too few to come to any conclusions on what notes may have UV ink and which do not. The only notes of this type that have had UV ink in the denominator and background every time are the replacement notes, this would lead me down the path that all T2 notes would also have UV ink since they share everything else in common and yet the circulated notes do not reflect this assumption.   More on that later, I hope, as I have another hundred circulated notes from a different source on the way. 
    Just for fun I took a pic of the face and back of a mix of twenty-four T1 and T2 notes, not having been previously identified in this journal entry, and I wonder if anyone wants to take a shot at identifying the T1 and T2 notes in the image. Most of the prefix and serial numbers are covered up so you'll have to use the second set of diagnostics given in this Journal entry to identify them.   Although I guess you could go back, using the totals and notes I've already posted, to come up with the numbers.  So no cheating.  I'll post the answer key later in the week, all notes are in the same location in each picture. Good luck. 

  22. Fenntucky Mike

    Secret Secret I've Got A Secret (Part 1)

    By Fenntucky Mike,


    Control Coupons
    Not really, but I thought I'd share a few of the lesser-known varieties of Ukrainian Control Coupons from the second series, what I consider the second series (P#88-93, excluding 91A & 91B, issued 1992, '93 & '95), not found in the Standard Catalog Of World Paper Money and draw a few conclusions along the way.
    Descriptions of the second series from the latest, probably last printed, edition of the SCWPM. 2019, 25th edition, try to ignore the notations I've added many more since this image was taken. 

    One day while searching for Ukrainian notes I stumbled across a listing for two 1992 500 Karbovantsiv banknotes, nothing unusual about that per se, but upon further examination of the seller's listing they provided an image of both notes under UV lighting where one of the notes mas missing some UV features when compared to the other, in addition the seller was offering to send a free article on two, unlisted, varieties (I checked to verify) and I was sold. I picked up the two notes forthwith, the asking price was miniscule, and requested a copy of the article which the seller sent without hesitation. Nice!
    Images of the two 500 Karbovantsiv control coupons under UV lighting and scanned.


    The note with serial number 236/27 414059 is lit up like a Christmas tree when compared to note 088/6 316174. The fractional prefix and serial number (236/27 414059) are much more illuminated under UV, the repeating pattern behind the numeric denomination and the word КУПОН (COUPON, not illuminated) along with the numeric denomination (500) are also illuminated under UV, while those features are completely missing on the top note (088/6 316174). What's going on?
    The article I received was written by Dmitry Zagorenko and Evgeniy Likhatsky, sorry if I got your names wrong guys, it is written in Russian/maybe Ukrainian (I translated it both ways and the Russian translation from Google was more coherent, I kind of mashed bits of both together in my English version ), and I had to translate it so there might have been a few of the finer details lost in translation but for the most part the translation was a success. I'll be referencing this study several times here and will refer to it as the "article" moving forward, if anyone wants a copy of the original or my English translation let me know and I'll send you a copy. 
    In the article there is no mention of a difference between varieties involving the UV features but instead lists two other differences between the notes along with numerator and denominator ranges for the Type 1 (S# 236/27 414059) and Type 2 (S# 088/6 316174) notes. In short, the article details a contrast difference between the T1 & 2 notes in the background behind the prefix and serial number, and a spacing difference between the fractional prefix and serial number. Also mentioned in the article is that T1 & 2 notes are not confined to this denomination and that they are also found in the 100, & 1000 Karbovantsiv notes of this series (issue) as well. T1 & 2 notes of the 200 Karbovantsiv denomination in the same series are reported to exist but had not been confirmed at the time of the article's publishing and they did not include the 2000 or 5000 denominated notes in the study, although early research on my part indicates that the same "varieties" exist in those denominations and perhaps the third series notes as well. T1 notes have a lighter background behind the fractional prefix and serial number and wider spacing between fractional prefix and serial number, T2 notes have a darker background behind the fractional prefix and serial number and closer spacing between the fractional prefix and serial number.
    I'm only going to detail the 1992 dated, 500 Karbovantsiv second series notes in this Journal entry, as space for images is limited. The lightening of the background mentioned in the article is present in the note with serial number 088/6 316174, along with wider spacing between the prefix and serial number. The note with serial number 236/27 414059 exhibits the darker background behind the prefix and serial number and closer/no spacing between the prefix and serial number that was described in the article. The note with S# 088/6 316174 is a T1 variety and the note with S# 236/27 414059 is a T2 variety. 
    The background behind the prefix and serial number has been clearly lightened on both varieties, presumably to increase the visibility of the prefix and serial number, with an approximately 38 x 3-millimeter rectangle relieved in that area of the design. The authors of the article speculate that the original lightening of the design was not sufficient to improve the visibility of the prefix and serial number and a second attempt at lightening the design was undertaken. I don't necessarily disagree that the lighter background was done after the original relief, but I would have changed the variety designation in that regard, calling the darker background note T1 and the lighter T2. Regardless, I think their thinking is sound in the order of how these were printed.

    Composite image of the area between the prefix and serial number of the T1 note.

    Composite image of the area between the prefix and serial number of the T2 note.

    Some might question that the plates were modified and suggest the application of the ink is the reason for the lightening of the area behind the prefix and serial number but that does not appear to be the case to me. At least I'm not sure how it could be done by solely adjusting the ink in a 38 x 3mm rectangle during production? Purely a guess on my part but my initial thought on how the printing plate was/could have been modified would be that the engraving was lowered/relieved lessening the ink transfer in that area.? Having to modifying every single point in the engraving seems like a nightmare to me and something I would try to avoid.  Or maybe some sort of chemical, or wax(?), was applied to that area of the plate to limit the amount of ink that adhered to it, thereby further lightening the area behind the prefix and serial number? If that was the case I would still lean towards a variety. Just thinking out loud...
    The second difference noted in the article is the spacing between the fractional prefix and serial number, in the T1 notes there is a noticeably wider gap between the fractional prefix and serial number, almost one complete digit or one complete digit. This does seem to ring true overall, based on the small sample size of notes in my collection, three dozen or so, and images of other notes available online, although the spacing is not consistent. Without knowing the sequence of steps in the printing process for these notes it's difficult to say with any certainty the reason for the gap variance but my initial theories would include that the fractional prefix was overprinted independently of the serial number and the serial numbers added after the prefix, (whether the process was retooling and running the sheets through again or maybe that the tooling for the prefix and serial number applications were inline but independent of one another) or that both were applied via a numbering wheel with a fractional prefix attachment where the spacing varied. Of the two I would think the prefix and serial number being added separately in some manner is the most likely due to small variances within the large and narrow gap varieties, which would most likely be a result of the printed sheets being slightly misaligned or "floating" as the prefix and serial numbers were added. It is a very normal thing to see serial number placement on notes vary and float around in the general location that they should be in. I'm not completely sold on the spacing between the prefix and serial number being a 100% accurate identifier for T1 & 2 notes as it does not seem consistent enough to my liking. More on that in a future journal entry.

    In addition to the two variations already mentioned between T1 & 2 notes, the authors of the article try to identify within which fractional prefix ranges the T1 & 2 varieties exist/were produced. In the article they identify all T1 notes as having a numerator of between 001-108 and all T2 notes with numerators between 201-250. The authors also give a range of denominators, series, in which the T1 &2 varieties exist for each denomination, below are two tables from the article.
    Below, table of denominators of T1 notes.

    Below, table of denominators of T2 notes.

    This would mean that for the 500 Karbovantsiv control coupons dated 1992 all T1 notes would have numerators between 001-108 and denominators of 5,6,7,8 and 15, all T2 notes would have numerators between 201-250 and denominators of 26,27 and 28. These number ranges seem to be accurate based on my small sample size of notes but there is much work to be done in this area in regards to refining the ranges for all denominations. 
    The article also touches on specimens (of which there have been no T1 & 2 varieties found within the same denomination), replacements (for which both varieties have been found, T1's being rarely found in uncirculated condition and T2's being rarely found in circulated condition), and tries to correlate the serial number (first three digits) with either how/where they were produced, order of release and which bank branches the were sent to, but I'm not going to touch on any of those topics at this time. All in all the article was an interesting read, with some interesting thoughts on these notes, and I enjoyed it. The real question is are the T1 & 2 notes really varieties? I tend to lean towards yes based on what seems to be a modification to the printing plates, not so much the prefix and serial number spacing, and time will tell if these become accepted as such. If the T1 & T2 note varieties are verified and do become accepted/collected in by individuals then that will mean there will be at least three new varieties in need of Pick #'s, for the 100, 500 & 1000 denominations, and in all likely hood based on what I'm seeing new Pick #'s for the 200, 2000 & 5000 as well. This will mean six new Control Coupon varieties. Time to add some new notations to my copy of the SCWP. 
    Now, back to the missing UV ink on the T1 note, prefix and serial number 088/6 316174! Where is it and is this note another variety? Well, it seems to have nothing to do with the T1 & 2 varieties of these notes, which I had initially thought when first purchasing them, as I have sufficient T1 & 2 notes WITH the UV features. So my only conclusions are that the non-UV note is either an error with missing UV ink, or the UV ink was intentionally removed to make it appear as an error, or the UV ink faded somehow. I see no evidence of tampering at this time, and I've not heard of the UV ink fading/waring over time, so in my mind that really only leaves one option. An error. That's how I'll be labeling it in my collection at any rate, along with the T1 designation and maybe a question mark or two on the label. 
    I went ahead and picked up a few quarter bundles of 1992, 500 Karbovantsiv banknotes, fifty notes total, and they are all circulated with varying prefix and serial numbers. I figure that this will give me a better sample size and with the notes in hand I'll be able to examine them and place all of them under UV. I'll report back if I find anything interesting. 
  23. Fenntucky Mike
    After a 2-3 month stint stretching through the dog-days of summer/numismatics and a tumbling Euro, English Pound, and virtually every other currency, against the USD, there were several auctions being held across the globe in recent weeks with heaps of top notch world notes in them. Most have now come to fruition and with mixed results for me. In the world of Ukrainian banknotes top notch notes, the rarest of the rare, including rare varieties, are still commanding strong prices (surprisingly), having stared inflation, a shrinking economy and global currencies falling against the Dollar, squarely in the face and shrugging them off. Condition rarities also did well but were not as strong when compared to rarer notes and auction location, U.S. or World, did not seem to matter although the selection of notes in auctions held worldwide was much better, which is to be expected. 
    Let's start off, shall we. 
    This 1 Karbowanez note graded PMG 66 sold for a little over $300! Winner me!  Somewhat rare to find these in that condition, currently there is only one graded higher at 67, it was an upgrade for me and the first auction win I've had in quite some time. The price was strong, and I went over what I was hoping to spend but... 


    An uber rare 200 Karbowanez specimen was auctioned off a few days later, it had a starting price of $350 with an estimate of between $800-1000. This note is right up my alley and having been saving all my pennies for a while now I took a stab at it but had to sheepishly bow out at $1,300 and then sat back and watched this note skyrocket to a final price of $3,840 with BP. All internet bids on this one. An awesome, awesome note for someone. 


    Next up we have a 500 Karbowanez note, PMG 64 EPQ, that would complete my set of issued Karbowanez notes quite nicely. I've been waiting a long while to pick one of these up, years, and the prices haven't been softening. Recent auction sales have consisted of a PMG 64 EPQ, sold at HA this year for $564, a PMG 66 EPQ went for $750 at HA in 2021, a PMG 63 (no EPQ) sold for $264 at HA in 2020, another PMG 64 (no EPQ) went for $456 at SB in 2021 and a couple different PMG 55 (no EPQ) notes went for €516 and €298 respectively in 2021 & 2022. The paper is a little dark on this one but it's uniform with a small smudge in the upper left margin, but all in all a nice note and since I've been tired of getting stepped on lately, I went full throttle on this and took it for just over €600. Ouch! This was just under my max bid by a few dollars, but it completes my 1942 set of issued notes! I finally finished a set! Now I just need to save up for a 2 Karbowanez (P50) note, good luck with that. 


    There was also a 500 Karbowanez, PMG 66 EPQ, Top Pop 1/0, note that was for sale in a separate auction held in The Netherlands but the note looked questionable for the grade and the auction house noted "inconsistencies" with the holder, it looks like the holder was damaged somehow and the note with it. There is some darkening in the upper margin and lower corner, and what looks like a crease on the right face margin, back left. No thanks, I'll pass. That note sold for €350.


    Next up for me a 1918, 1000 Hryven banknote in a PMG 58 EPQ holder. Fifty eight is one of those grades where a note can be undervalued or under-graded and there is sometimes good value in AU notes.  It's a good looking note with slightly rounded corners and not so great centering. Ok, probably not an under graded note here but a decent enough hole filler so I threw a bid down on this note and took it for just over €200. Nice! There was a 64 EPQ that sold for the same price a few months ago that I missed out on but I'll take this as a consolation prize. I didn't have a good feel for what the market price was on graded examples of this note as I watched the 64 EPQ sell, I obviously felt it was high at the time, since graded examples rarely come up for sale, but as it turns out I should have jumped on the 64 EPQ when I had the change but...   No regrets though, as this note is an excellent example on its own. 


    Next up we have a 1918, 1000 Karbovantsiv note, raw, with GREAT ink, you seldom see these with the ink as vibrant as it is on this note, I have never viewed a note of this type with the blue ink so intact.  Typically, the blue background has faded to a light grey, brown, or a barely distinguishable light blue, and to see one with such original ink is amazing! It really makes the floral patterns, rays and background designs pop with the added contrast between the blue and brown color schemes!  It's great to see a 100+ year old note as it would have appeared straight off the presses. The note is in AU condition with some staining in a lower corner, slightly rounded corners and a faint corner fold. I ended up taking this note for €114 , this was a very strong price for the note in the condition it is in. I'd typically expect this note to sell in the €60 range, but the fabulous ink/color drove the price up. I think. 


    Moving right along, we come to a 1918, 25 Karbovantsiv note, it was in Fine condition with several folds, a few tears, etc.. I took a flier on it at €60 but it ended up going for €114, again, a strong price for a note in this condition. 


    For the next two notes my butt was firmly planted on the sideline, as they were the uber rare (or so it is believed, although I have documented over 20 individual notes so far ) and highly coveted unissued 2 Karbowanez banknotes, one raw and one graded PMG 53. The PMG graded note was the better looking of the two, even though it had been previously passed on at The New York Sale back on 1/13/2021, held by Ira & Larry Goldberg Auctioneers, it was raw at that time, but I digress. In the end the raw note sold for €3720 and bidding for the PMG graded note is up to $900 (includes BP) with 12 days to go until close. This is the THIRD 2 Karbowanez banknote, the PMG 53, to be sold by HA this year. UPDATE: the PMG note sold for $2040 at HA on 10/20/2022.




    There were also several additional Ukrainian specimens that drew strong prices, a 1918, 2 Hryven specimen in excellent condition sold for €2881. I graciously bowed out at €1000.


    A front and back pair, set, of 1000 Karbovantsiv uniface specimens which went for. €3910, with me, again, making a speedy exit from the bidding. This is an amazingly strong price as a similar specimen set, graded PMG 50 (face) & 55 (back), sold in January of this year for $2592. The condition of both specimen sets was similar with the PMG graded notes having been previously mounted but the ungraded notes having a center fold. 


    Finally, a front and back pair, set, of 500 Hryven uniface specimens which went for €3841. Woah! I was a surprised this lot climbed to that level, especially with both notes having been previously mounted and folded in the center.


    Ok, a few more since I'm having great luck with getting a bunch of images into this post!  A couple of 1000 Karbovantsiv notes of 1917, in two separate auctions both P# 1b, one in a PMG 64 EPQ holder and the other a raw AU note with a small tear in the margin. The PMG 64 EPQ note went for €775 and the raw AU €506. A PMG 65 EPQ example sold for $1,380 back in July of this year.


    Raw Pick # 1b.


    As mentioned, rare varieties did extremely well with several pulling in four figure prices, here a few highlights.
    A 1918, 10 Hryven prefix В variety sold for €1741.


    A 1918, 2 Hryven prefix Г variety sold for €2820.


    The 1918-21, 1000 Karbovantsiv prefix AЖ with wavy lines of varnish variety realized a sound €457.


    All in all a busy few weeks for Ukrainian banknotes, with many amazing notes finding new homes and some lucky new owners. All the Ukrainian notes pulled strong prices and there were NO deals to be had, anywhere, in any of the half dozen or so auctions comprising around 200+ lots of Ukrainian notes. My hope of acquiring a few notes at reduced prices from some of these auctions because of a strong Dollar and slowing economy was completely crushed.  I wonder how many bidders were based in the U.S. vs World locations and how many were dealers? I'll post more of my winnings from these auctions in the "Post Your Latest Addition" thread on the Chat Boards as they arrive. 
  24. Fenntucky Mike

    I've Been Everywhere, Man! (Part 1)

    By Fenntucky Mike,


    1,000 Karbovantsiv 1918-1921
    If you like collecting varieties (and I do) there are tons of them out there for Ukrainian notes, and probably my favorite varieties to collect are for the 1918-1921 1,000 Karbovantsiv banknote. It's a great note to collect by variety as it is probably the most readily available note from that period, it's fairly cheap (especially in lower grades), and it will definitely keep you on your toes as there are many varieties, especially if you collect by prefix. Before we get to the varieties let's start with some background on the note itself.
    In 1918, Kyiv, the newly established Ukrainian People's Republic (1917) was in a state of flux, as it was for its entire existence, with war raging on several fronts and the Arsenal Uprising threatening to topple the Central Rada. In early February the uprising was suppressed, but shortly thereafter Russian forces captured the city on February 9th, remaining in control until March 1st. During this time the cliché for the 1917 issued 100 Karbovantsiv banknote was taken and forgeries printed, resulting in the note's removal from circulation and official demonetization on November 1, 1918. Also, on the same day that Russian forces had captured Kyiv, Ukraine signed the Treaty of Brest-Litovsk with the Central Powers (Germany, Austria-Hungary, Bulgaria and the Ottoman Empire), in which Ukraine was recognized as a neutral state. Shortly after signing the treaty, German and Austro-Hungarian military forces were sent to Kyiv to clear Russian-Bolshevik forces from the city and Ukraine. By April tensions were rising between Ukraine's Central Rada and the assisting foreign forces which eventually led to a coup d'état on April 29th, orchestrated by the German lead military forces still present in Kyiv. The Ukrainian People's Republic was toppled and Pavlo Skoropadsky inserted as Hetman of the autocratic Ukrainian State. Thus begins the story of the 1,000 Karbovantsiv banknote. 
    Contemporary Counterfeit of a 100 Karbovantsiv note, using the captured cliché. 

    50 Karbovantsiv cliché used to print banknotes.

    Hetman Skoropadsky's Ukrainian State was instrumental in organizing quality printing of banknotes in a remarkably short period of time (summer-fall 1918). The entire printing department needed an overhaul, and no expense was spared in modernizing. Printing presses were acquired from the Leipzig based firm of Karl Krause, the world's leading manufacturer of printing equipment, several types of paper were ordered from Deutsche Reichsdruckerei and 370 poods of Hostmann-Steinberg specialty inks. In all likely hood the lithography stones were also purchased from Germany, as records for the purchase of expendable materials mention lithography stones but from a different time. With everything in place, and a design ready, the first 1,000 Karbovantsiv notes were printed on No. 217 paper with the Reichsdrucerei-Wellenlinien (Reich's Printer-Wavy Lines) watermark, in Kyiv, and in circulation by December 1918. Four series of notes were produced, prefix АБ, АА, АВ, and АГ all in red ink.
    1,000 Karbovantsiv note of Kyiv, 1918.

    The printing of 1,000 Karbovnatsiv banknotes did not last long in Kyiv. By November an uprising had led to the restoration of the UPR, under control of a Directoria, followed closely by the withdrawal of German forces from Kyiv, the abdication of Skoropadsky on December 14, 1918, and the fleeing of the Government and removal of UPR troops from Kyiv on February 5, 1919, before Russian forces retook the city. Prior to the Russian reoccupation all government offices, including the Treasury Printing Office with its valuable property, had been evacuated. Among the items saved were the lithographic stones used to produce 1,000 karbovantsiv banknotes. No printing supplies, of any kind, were known to have been obtained by the advancing Russian forces at this time.
    Lithography Stones of the 1,000 Karbovantsiv banknote.

    All printing equipment and supplies were moved to Kamianets-Podilsky, the Treasury Printing Office was "billeted" in the former Orthodox Seminary building, and it was there that the printing of Ukrainian paper money resumed in the summer and fall of 1919. By the spring the printing office had run out of certain expendables (paper, ink, etc.) and on March 28, 1920 the decision was made to print 1,000 Karbovantsiv notes on No 227 paper with the Stern Sechseck Muster (Star-in-Hexagon Pattern) watermark. Not long after relocating, the city fell under Polish control (November 16, 1919 to July 12, 1920), during which the Warsaw Treaty was signed between the Second Polish Republic and Ukraine in an effort to create an alliance against Bolshevik Russia. Subsequently, printing of the 1,000 Karbovantsiv note was moved to Warsaw. Six series of notes were produced in Kamianets-Podilsky, prefix АН & АО on No 217 paper with wavy lines (waves) watermark and prefix АА, АВ, АБ and АГ on No 227 paper with linked-stars watermark.

    As previously mentioned, the next and final stop for the 1,000 Karbovantsiv banknote was Warsaw. With Russian forces advancing on Kamianets-Podilsky the printing operations were relocated to Warsaw. By November of 1920 the UPR lost the remainder of its territory to the Bolsheviks, and on March 18, 1921 the Treaty of Riga between the Second Polish Republic and Soviet Russia was signed, effectively terminating the UPR. Printing of 1,000 Karbovantsiv notes began on July 5, 1920 and would continue, not continuously, until 1921. After which an independent Ukrainian State or governing body ceased to exist. 1,000 Karbovantsiv notes printed in Warsaw are distinguished by the letter "W" present on the font of the note. Presumably this was added to the existing lithography stones. There were only two series of notes produced in Warsaw, AE & AI on paper containing no watermark. Zig-Zag lines or varnish were added to the surface of the paper in place of a watermark, the varnish can be present on the front, back, or both sides of the notes. There is a possibility of a third series printed in Warsaw but that has yet to be confirmed. 

    The 1,000 Karbovantsiv banknote was the note the public trusted the most and which were in highest demand. These notes would often trade for 1,500 even 1,700 Karbovantsiv in depreciated and unpopular 250 Karbovantsiv notes. The proof is in the printing, as these were constantly produced over multiple locations and years during which several regime changes took place and a monetary shift from the Karbovanet to Hryvnia as the national currency. Due to the times and multiple printing locations these notes have several varieties both minor and major, some of which were touched on above. In the next entry I'll go more in-depth with those varieties.
    Printing locations for the 1,000 Karbovantsiv banknotes on a WWI era map. Right to left, Kyiv, Kamianets-Podilsky, and Warsaw. 

  25. Fenntucky Mike
    On Oct 4th, 2022 the Governor of the National Bank of Ukraine, Kyrylo Shevchenko, submitted, to Ukrainian President Zelenskyi, his letter of resignation siting health issues.  Shevchenko has headed the country's Central Bank since July 16, 2020 when he was tapped by Zelenskyi and appointed by the Verkhovna Rada of Ukraine. In the past 27 months Ukraine has issued new circulating banknotes in all denominations with his signature, as well as commemorative notes in all denominations of the 30th Anniversary of Ukraine's Independence with his signature, plus the upcoming, 500 Hryven, 300th Anniversary of Hryhoriy Skovoroda's birth commemorative banknote, also with his signature. In his brief tenure as head of the NBU, Shevchenko has sought to modernize the banking system and bring Ukraine more inline with international standards and regulations, he has also overseen the NBU over one of its most volatile times since the country gained independence in 1991, the Russian invasion in February of this year and subsequent war, which is still raging. Shortly after Shevchenko submitted his resignation the Verkhovna Rada approved, on October 6th, resolution No. 8104 dismissing Shevchenko's from all duties, his effectiveness as Head of the NBU will be scrutinized and debated in the years to come but his legacy will forever live on with the 13 banknotes that his signature resides upon.

    A new Governor of the NBU has already been appointed, Andriy Pyshnyi, who was nominated by Zelenskyi on Oct 7th and appointed by the Verkhovna Rada the same day, making him the 12th Governor of the NBU since Ukraine's Independence in 1991. Pyshnyi promised to continue "ensuring that the central bank remains an independent regulator with strong institutional capacity.", along with focusing on "macroeconomic stability" in the short term. He will also have the monumental tasks of ensuring that the banking system in Ukraine continues to run in a smooth uninterrupted manner during wartime and securing the needed international funding and support from the IMF, U.S. and others for reconstruction and recovery after the war and acceptance into the EU. The schedule for the next production run of banknotes is not known at this time but when they are printed, Pyshnyi's signature will most likely be on them.

    I suspect it is to late to alter or have new plates made for the scheduled 500 Hryven Skovoroda and 20 Hryven "WE WILL NOT FORGET! WE WILL NOT FORGIVE!" commemorative banknotes slated for December but we'll see what happens. I have crossed paths with some 2022 commemorative Skovoroda notes being offered but have yet to see an official press release from the NBU on the subject so I can't confirm their authenticity at this time. Buyer beware.